Report of the Committee on Finances
for the Year Ending June 30, 1999
The Committee on Finances met on February 20, 1999, in Research Triangle
Park, North Carolina, reviewed the performance of Sigma Xi's investments, and
recommended a draft budget for FY 2000 to the Executive Committee. In consultation with
representatives of J. C. Bradford & Company, the Society's investment manager,
the committee also developed a revised investment policy statement.
The Society's investments are divided into the following four major funds:
the Endowment Fund, composed of two parts:
- Research Endowment Funds, whose income is designated to support the Grants-in-Aid of
Research program
- Other Endowment Funds,
whose income and gains are designated to support other
programs of the Society. It includes the Life Member Fund, which is a depository of
life member payments, with income and gains credited to the annual dues for life members
the Operating and Reserve Fund, in which operating funds are invested over
periods of several months to balance the cyclic cash flows of the Society
the Capital Fund, which is a depository of contributions from various sources
toward construction of the new Sigma Xi Center in Research Triangle Park.
As of June 30, 1999, the balances in each of these funds were as follows:
| Fund |
Cost |
Market Value |
| Endowment |
$13,691,336 |
$ 18,803,492 |
| Operating and Reserve |
545,849 |
547,349 |
| Capital |
196,962 |
180,435 |
| Total |
$14,434,147 |
$ 19,531,276 |
Dividend/interest yields and total returns, based on cost, for the three
funds on June 30, 1999 were :
| Fund |
Dividend and
Interest Yield, Percent |
Total Return
Including Realized Capital Gains, Percent |
| Endowment |
2.76 |
12.90 |
| Operating and Reserve |
5.01 |
5.15 |
| Capital |
7.21 |
7.50 |
These yields reflect the decision of the Board of Directors to favor
long-term growth potential over current yields in the Endowment Fund portfolio, combined
with a favorable equities market. The market value of all Sigma Xi funds increased by
10.67 percent from July 1, 1998 to June 30, 1999.
John W. Prados, Chair
Peter D. Blair
S. Gaylen Bradley
W. Franklin Gilmore
Peggie Hollingsworth
Lawrence M. Kushner
Raymond P. Lutz
Richard L. Meyer
John H. Moore
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